Federal Home Loan Bank of Dallas and Texas Capital Award $850K for Austin Affordable Housing

Rhea-AI Summary

The Federal Home Loan Bank of Dallas (FHLB Dallas), in collaboration with Texas Capital, has awarded an $850,000 Affordable Housing Program (AHP) grant to SAFE, an Austin-based nonprofit. This grant will fund a 60-unit affordable housing complex designed for victims of abuse and homelessness in Austin, Texas. A ceremonial groundbreaking event marked the beginning of the project. The complex, named The Lancaster, will provide high-quality housing and wrap-around services for vulnerable populations. In 2023, FHLB Dallas allocated $28.4 million in AHP grants to support 43 affordable housing projects, including this one. For 2024, they have allocated $79.4 million for the AHP General Fund.

Positive

• Awarding of $850,000 AHP grant to fund a 60-unit housing complex.
• The Lancaster project will offer high-quality, supportive housing for abuse and homelessness victims.
• Collaboration with SAFE enhances community support for vulnerable populations.
• In 2023, FHLB Dallas awarded $28.4 million in AHP grants, aiding 43 housing projects.
• FHLB Dallas plans a $79.4 million allocation for AHP General Fund in 2024.

Negative

• No mention of projected financial returns for investors.
• Potential delays in project completion not addressed.
• Uncertainty regarding the long-term sustainability of the funding.

60-Unit Complex Designed for Victims of Abuse and Homelessness

AUSTIN, Texas--(BUSINESS WIRE)-- An $850,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas), through its member Texas Capital, will help fund a 60-unit multifamily affordable housing development designed for victims of abuse and homelessness in Austin, Texas.

Left to right: Worley Barker and Laura Webb with Texas Capital, Alex Fitzgerald with FHLB Dallas, Julia Spann with SAFE, David Lopez and Barbra Boeta with Texas Capital. (Photo: Business Wire)

The AHP grant was awarded to SAFE, an Austin-based nonprofit that supports survivors of child abuse, sexual assault, domestic violence and sex trafficking. A ceremonial groundbreaking was held this week to commemorate the occasion.

“This development is so important for families fleeing violence who need a safe place to stay,” said Julia Spann, CEO of SAFE. “We are grateful for the support we’ve received from FHLB Dallas and Texas Capital.”

The Lancaster will provide high-quality housing paired with voluntary, wrap-around services for Austin’s most vulnerable. It’s designed with comfort and safety in mind for those who have experienced long-term trauma, violence and homelessness.

“Texas Capital is honored to play a role in this project, which will increase access to safe, supportive housing for the most vulnerable members of our Central Texas community,” said Claire Harrison, managing director and Austin market president at Texas Capital. “As we continue investing in our local community, we look forward to strengthening our relationship with SAFE to support the life-saving impact of their work for years to come.”

AHP grants assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

“This development will provide affordable housing for some of the most vulnerable populations — those who have experienced trauma, violence and homelessness. We are pleased to help bring this project to life to benefit those who need this critical assistance,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.

In 2023, FHLB Dallas awarded $28.4 million in AHP General Fund grants to 43 affordable housing projects. The grants will help create 2,677 new or rehabilitated housing units. In 2024, $79.4 million has been allocated for the AHP General Fund. Learn more about the FHLB Dallas Affordable Housing Program.

About Texas Capital Bancshares, Inc.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, the parent company of Texas Capital Bank d/b/a Texas Capital, is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, building a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Member FDIC. For more information, please visit www.texascapital.com.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $125.1 billion as of March 31, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit Federal Home Loan Bank of Dallas.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240614951163/en/

Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com, (214) 441-8445

Source: Federal Home Loan Bank of Dallas

FAQ

What is the purpose of the $850,000 AHP grant awarded by FHLB Dallas?

The grant will fund a 60-unit affordable housing complex for victims of abuse and homelessness in Austin, Texas.

Who received the AHP grant for affordable housing in Austin?

SAFE, an Austin-based nonprofit supporting abuse and homelessness victims, received the grant.

What is The Lancaster project?

The Lancaster is a 60-unit affordable housing complex designed for victims of abuse and homelessness in Austin, Texas.

How much did FHLB Dallas allocate for AHP General Fund grants in 2023?

FHLB Dallas allocated $28.4 million for AHP General Fund grants in 2023.

What is the planned allocation for the AHP General Fund in 2024?

FHLB Dallas has allocated $79.4 million for the AHP General Fund in 2024.